Indian digital funds agency PhonePe mentioned as we speak it has raised $200 million from majority backer Walmart Inc at a pre-money valuation of $12 billion.
PhonePe, already India’s most beneficial funds agency and among the many nation’s most highly-valued startups, mentioned the funding is a part of its ongoing fundraise of as much as $1 billion.
It has raised $350 million from personal fairness agency General Atlantic and $100 million from Ribbit Capital, Tiger Global and TVS Capital Funds prior to now two months, on the similar $12 billion valuation.
American retail behemoth Walmart, which acquired a majority share in PhonePe in 2018, will proceed as a majority investor, the Indian firm mentioned, with out disclosing its stake.
Despite a funding winter, the Indian digital funds house has been a vibrant spot because of the reputation of on-line funds and startups’ ambitions to department into the profitable monetary providers house.
PhonePe mentioned it plans to deploy these funds to construct and scale new companies together with insurance coverage, wealth administration and lending.
PhonePe separated from Indian e-commerce big Flipkart late final 12 months, when it additionally shifted its registered headquarters from Singapore to India, with Walmart choosing up the practically $1 billion tax invoice for the transfer.
The relocation, in line with some experiences, was to make sure a neater entry into the nation’s highly-regulated monetary providers trade, particularly lending.
(Reporting by Meenakshi Maidas in Bengaluru; Editing by Savio D’Souza)
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